Tuesday, July 26th, 2022
Businesses must pay credit card processing fees to accept credit card payments. There is more than one type of fee associated with transactions. What’s more, these fees can vary based on the credit-card type accepted.
Types of Credit Card Processing Fees
The average credit-card payment processing fee varies from 1.5% to 3.5%. Who can help you find the lowest-cost credit card processing fees from a payment processor in the UK? You need to turn to a reputable payments-comparison specialist like BestPaymentProviders.co.uk in the country that provides honest reviews of merchant-services providers based on the comparison of terms, complaints, and integration processes.
Best Payment Providers UK checks every provider’s integration process so you can be sure to enjoy a smooth transition and onboarding process. Best Payment Providers in the UK looks at every nook and cranny to ensure you can avoid overpaying because of unclear terminology, hidden costs, and dishonest sales tactics.
- Interchange Fees
The card issuer directly receives the interchange fee when transactions are swiped. A typical interchange fee makes up 0.2% for a debit-card transaction and 0.3% for a credit card transaction.
- Scheme Fees
Card acquirers and issuers pay these fees to the operators of card-payment systems.
- Merchant Service Charge (MSC)
This is the amount you’ll be required to pay to merchant acquirers or Independent Sales Organisations (ISOs) for using their services.
- Cardholder Fees
Card issuers may require the cardholder to pay these fees.
- Payment Processor Fees
The merchant-services processor is also known as a payment processor, which can charge a fee to make the transaction processing easier. Monthly fees, per-transaction fees, equipment lease fees, and statement fees are included in merchant-services fees.
- Assessment Fees
Assessment-fee payments go directly to the credit-card network, allowing the merchant to use certain credit cards. The fee must be paid based on monthly sales. Credit-card transactions can help grow your business and provide your customers with multiple options to cover costs.
Fees for Credit-Card Processing
Credit-card processing costs aren’t the same as all merchant-services providers. They differ based on the industry, business, location, card, and number of transactions.